Failed Pitches - Don't Be Discouraged

You’ve invented the perfect product in your mind. But alas, it was shot down by the experts, the lawyers, the boss, your peers. Reasoning might lead you to think that it was a bad idea. The weight of so many knowledgable folks against it is evidence of that... right? Maybe. But maybe not. It’s at this point you have to do two things. First, don’t panic or despair. Next, ask yourself why did it fail? It’s the “Why” that needs to be analyzed in detail.

Analyzing the “Why” requires we must first assume that all the other guys, the nay-sayers, might be wrong. They might not be creative or intelligent enough to see the potential of what you’ve envisioned. Creativity is a rare quality. They may not possess it. There’s also human nature. Some of the downers might be jealous or more likely afraid. Afraid that you’re out-shining them, afraid your product is out of their reach. Or much more likely, creative thinking requires folks move outside their safe tried and true well tested safety zone.

Once you’ve analyzed these as potential reasons for failure, you’re free to analyze the problem in more detail. The path is a well trodden one for analysis. Is the product possible to create? Is there a market? Can the product be manufactured cheaply enough and sell at an acceptable margin? Can it be marketed to the market segment? There are tools that can be used to answer these questions. I’ve added to some to my Pinterest page here: http://pinterest.com/georgeconstance/bus-develop-strategy-tools/. Porter’s Five Forces, my favorite starting place is a great tool.  

The result of this self and product analysis will lead to more questions that experts can help with. In the ned, you should have a good handle on what the product failed, because it’s not marketable or because your fellow simians can’t take that step.  If the analysis is favorable for product development, perhaps this data can sway the less creative or less visionary. If not, move on to a group that will appreciate it or you.

Final note: The analysis is a complicated one that will nearly always require help. Seek out specialists as we do to put the pieces together. Our big picture structuring is followed by detailed work through strategic partners and hired professionals. Part of what we offer is knowing what information is needed and where to find it.